There’s another benefit of breaking a longer low-buy challenge into smaller parts: the chance to start fresh. If you slip up, the whole experiment hasn’t failed.
TRACK YOUR PROGRESS In those early low-buy or no-buy days or weeks, Sokunbi recommends using a spending journal, spreadsheet or smartphone note to track what you buy, or even what you didn’t buy. Noting what triggers your spending can help you understand your habits and make better choices. I track my no-spend days in my paper calendar and keep a note on my phone where I list all the things I wanted to buy but didn’t. At the end of the month, I tally up the cost to get a sense of what I’ve saved. Dawn Abernathy, a certified financial planner, suggests using a budgeting app to categorize spending and provide insights. “It gives you real-time understanding about how you’re spending,” says Abernathy, who’s based in Chesterfield, Missouri. “Then you’re able to adjust your behavior or learn about what you’re really doing — not what you think you’re doing.”
REMEMBER YOUR ‘WHY’
For some, a low-buy or no-buy challenge is a way to achieve financial goals, such as paying off debt or saving for a down payment on a house or car. A low-buy or no-buy challenge can also be a great way to build an emergency fund, Abernathy says. Having three to six months of necessary expenses can offer financial security and a sense of control, she says.
Reducing consumption can also decrease your financial stress.
“I was worried about another emergency happening, or another layoff happening, or something was going to happen and destroy this house of cards that I felt like I lived in,” Rakoczy says.
14
Powered by FlippingBook